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:00 tomorrow morning. we will have further announcements. >> mitch mcconnell, a frustrated progress,ack of called the vice president for help. >> there is no single issue that remains an impossible sticking point. a sticking point appears to be a and interest or the to close the deal. >> if congress does not act soon, drastic cuts will go into effect and taxes go up for everyone. more than $3,400 for the average american family. >> significant differences n the two sides and negotiations continue. >> negotiations will continue through the night. "politico" ined by reporter to talk about the fiscal cliff. it is looking like the president is going to try to get to introduce legislation to avoid some of the devastating tax increases. when the new congress is sworn in, and that means we're going over the fiscal cliff. unless we get something substantial in the next 24 hours, we will be going over the cliff. tax increases and on everybody. the defense cuts are not start until january 20. most americans are trying to tonight, come their paycheck, will this impact them? it does not create
biden and mitch mcconnell. earlier republicans suggested changing the way inflation is calculated on changes like social security read offered this reaction late in the day. >> i was really grass fied to hear republicans taking command by social security set off the table. this should never have been on the table to begin with. there is still significant difference between the two sides negotiations continue. still time left to reach an agreement. >> meanwhile west virginia democrat joe mansion introduced the calm act trying to soften the blow as the country goes off the fiscal cliff. it would maphase in tax hikes or the years and prioritize spending cuts. he says he's frustrated and tried to do something. >> it was crossing the wires it's more than frustration it sounds like desperation at this point as they are losing hope. the chained cpi the social security adjustment you were talking about basically changes the way they configure the cost of living and would make those benefits smaller checks. does it sound like republicans are willing to let that go? >> seems like they are w
for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. >> we have a lot of federal workers and businesses that rely on the federal government. many are watching the negotiations closely. if partisan politics prevail and they cannot reach a deal, americans in maryland will burden will -- will be burdened. legislativent of observances had a report about what the impact would be. if we fall off the fiscal cliff. maryland will lose $178 million in funding next year. economists say to make up for it, the state will have to make cuts. >> it will be a challenge to make the ends meet. >> the greater economic impact could be huge hit in sales and income
, why are you on tv while mitch mcconnell is working with harry reid to troy to get a deal. the president's point was if they do not make any progress on bipartisan talks in the senate since the clock is running out he wants a straight up and down vote on the senate on his fallback level. put it go in the $250,000 a year and extend unemployment benefits for 2 million americans americans americans, dana. >> this is bob beckel. are you done? >> i had a great question, but age before beauty. >> a lot of age and no beauty. >> what? >> ed, truth be known, and we see this fiscal cliff and the calamity of the day on january 1st, tonight is true the white house dot much care if they get it on the first or the fifth? >> reporter: you're right, with withholding, some people will not feel the effects of a tax increase the first couple of days, you might have time to finagle that, the treasury department has that authority. the fact of the matter, what they're more nervous about in the white house and republicans on the hill are unclear what will happen. will it be a tarp moment like i
. continuing, are though, between the vice president and mitch mcconnell. in a rare sunday night session -- i think the enormity of the issue is very clear. >> u.s. senators gathered to solve a self-imposed crisis. their plan to carve out a compromise dissolved. >> there is no simple issue that impossible sticking point. we are willing to make difficult concessions. >> come january 1, tax hikes and budget cuts go into effect. >> regardless of differences, top priority has to be to e that taxes on middle- families do not go up. >> the plan before the senate tax -- would eight prevent a tax increase. clear differences remain. seene odds are we have not the leadership on either side of e to solve this problem. is a contraction economy. loss of jobs which could be well in addition to the people already on unemployment. >> the senate reconvenes 11:00 on monday. the president's heerview earlier today, the issue of guns. the president said the day of newtown shooting was the t of his presidency. onlyam skeptical that the is putting more guns in schools. the vast majority of the people are skeptical.
the vice president joe biden and mitch mcconnell. they were making some sense of progress there. this is after two stop soldiers, mitch mcconnell and harry reid failed to make much progress through tonight and this morning. harry reid went home earlier this yeeng and biden and mcconnell were taking point on the negotiations. they worked out a deal couple years ago for unemployment insurance that cut the social security tax. they 6 worked together before and they have succeeded reaching a deal before and folks on capitol hill they can do so again. >> less than 26 hours from what everyone calls a fiscal cliff. it would be comprehensive big package we hear them talk about, the big compromise that speaker boen and the president had worked out a year and a half ago? >> if you want what is known a as the grand bargain you would likely get in two steps. a small down payment, a tax rate increase and some of the spending measures and some of the other tax measures and perhaps instructions for the next six to eight months to congress to work on entitlement and spending reform and broader
no decision tonight. we have also learned senator mitch mcconnell, the republican minority leader, has had conversations directly with vice president biden. mcconnell had been working with senate majority leader harry reid, but he and biden have gotten things done when working together in the past. can they do it now? let's go to dana bash. dana, what do you think? is it promising? can they go it now? >> reporter: well, let's start there. it certainly has happened before between these two men, and it's happened before when democrats on capitol hill are either split or have gotten, frankly, just too frustrated with the republican counterparts to have conversations to be able to find bipartisan agreement. these are the two men who negotiated an extension of the bush era tax cuts for two years. that happened two years ago when republicans had a lot of political capital because they just won the house in a big way. whether or not these two men are actually going to be the ones to strike a deal, we're not sure, but we are told, our ted barrett and jessica yellin and i are told by multiple sourc
in the last few hours. we have the leaders on capitol hill right now. mitch mcconnell is running .4 republicans. it is the vice president for democrats. they are the last few who have closed a budget deal if this administration. they continue to work at that. they continue to negotiate. if you make over, you would see a tax increase. this is a negotiation. everything remains very fluid right now. if they do reach a deal, then it comes time to sell it to individual lawmakers. then the house would have to eventually vote on it. let's say a tax increase, preventing a tax increase, if that something you could support? >> they will increase taxes. we have voted to not raise taxes on anybody and extend the tax reductions for everybody. that was a bipartisan vote taken on -- rich: hold on one second. we have senator harry reid on the floor. dagen: there is senator harry reid. >> it is for the date only. they will. dagen: roughly ten minutes each. >> mr. president, i was disturbed to read in the washington post this morning that some kind of agreements are being made here. somehow, the demo
to mitch mcconnell on the floor. he's been the closer on this. i'm going to go back to you, dana. he's not there quite yet. this is all in the hands of the senate at this point. you were talking about tom harkin. the it's something progressives hated, this idea of social security changes being on the table. they won on that. >> i have to tell you i'm having some audio problems but i think you asked about social security. so i'm going to go with that. that was a potential issue yesterday. it seems to have been resolved. republicans, we were told by democrats, this was a clear tactic to tell us about this. republicans had put that on the table. the idea of so-called chained cpi which would have an effect on social security recipients. republicans backed off on that after a meeting yesterday. that doesn't seem to be on the table. but forgive me, i thought mitch mcconnell was on the floor. the other thing i wanted to tell you about is mcconnell and the vice president have been in intense negotiations up until 12:45 in the morning and 6:30 in the morning and the negotiations are continuin
minority leader mitch mcconnell who said an agreement is very close and said congress should act on the tax portion of the deal. >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. we can do this. we must do this. >> famous last words. i want to go to the capital now. joining us, the dynamic duo, the silver fox and mr. boatshoe. nbc's mike viqueira and luke russert. gentlemen, thanks for being here. our cnbc colleague john harwood is reporting that there will be no vote in the house tonight, and according to his sources, the u.s. will go over the fiscal cliff. what's your reaction to that? have you heard that -- >> we can confirm that. >> i love john harwood, but luke and i have been reporting the same thing, jonathan, so there. >> okay. so we're going over the cliff? >> apparently. that's the bad news. the good news is, the parameters of a deal are definitely there. as you described, jonathan, the sticking point remains this so-called trigger, the sequester. remember, they agreed upon it last summer in july and august of 2011 when they came to that bi
president joe biden was called in by mitch mcconnell, who said he needed a dance partner in all of this. guest: if you remember on friday, the president said he was going to turn over the lead to senator reid and senator mcconnell to work out a deal that could pass the senate and that he would sign on to whatever deal that was. senator reid and senator mcconnell were not able to reach that deal. the negotiations between them have turned increasingly bitter and senator mcconnell basically said that he could not work with senator read anymore and reached out to joe biden and ask him to resume the role that he has had in previous negotiations. the arbiter, the deal maker. joe biden had not been as involved atoll has returned to washington and is now part of the negotiations in a way that he had not been expected to until yesterday. host: what will the house and senate be voting on today? will there be an agreement on the fiscal cliff or an alternative plan that would continue unemployment benefits and keep taxes at the bush era level? guest: i'm not sure that anybody knows. and that includ
and the senate republican leader mitch mcconnell but there is not a deal until senator mcconnell knows he has enough support. let's take a look at some of the key points of a framework of the deal according to sources close to the talks. it would raise taxes on income tax amounts above $400,000 for individuals, $450,000 for families. it would address the estate tax, the alternative minimum tax, the medicare doc fix and unemployment insurance. current discussions about how best to address the automatic spending cuts that is called sequestration, the automatic cuts to defense, and domestic programs. a short time ago a leading republican expressed a great deal of concern and frustration with the whole process. >> it's december the 31st. january 1st is tomorrow, 2013, taxes go up. everybody agrees it will be disaster for the economy. we can't allow that to happen. we'll ruin the economy. but where we were? where were we for the pass month, and the month before that, and the month before that, dealing what we knew was going to be the very set of circumstances that we face today. >> reporter: it so
mitchell reports, teetering on the edge. are joe bideern and mitch mcconnell close to striking an 11th hour deal to avoid falling off the fiscal cliff? >> there are a number of issues on which the two sides are still apart, and negotiations are continuing as i speak. >> the vice president and i have worked together on solutions before, and i believe we can again. >> lawmakers work through the weekend. president obama went on "meet the press" to call out mcconnell and house speaker john boehner over tax hikes. >> i think it's been very hard for speaker boehner and republican leader mcconnell to know that taxes should go up as part of an overall deficit reduction. >> a health scare for hillary clinton. new details as the secretary of state undergoes treatment for a blood clot in a new york hospital. >>> ringing in the new year. from sydney to new york city. the world turns the page to 2013. good day. i'm chris live in washington in for andrea today. deal or no deal? as vice president joe biden and senate republican leader mitch mcconnell continue negotiations, we just have learned that presid
."vice-president joe biden is apparently hat person for senatt minoriiy leader mitch mcconnell. top-level sources say the two arr taking over talks. if nothing is ressoved by midnight tonight, tax rates forrall americans will increase. democrats say it for the average middle-class family."one moo said to me in michigan, hat's four monthh groceries. i mean that's work in gas for up to three years, i mean that's a loo of money."democrats want higher taxes on families earning 250-thousand-dollars a year and over. epublicans want tax rates to stay where they are. taxes seem to be he biggest obstacle to a coopromise. but others want to see government spending ppt in cceck."the about the addiction thht his administrrtion has to spending. he's the spender in he's wiiling to do that."i s offered over a trillion dollars in additional spending dollars of spending cuts ffr o revenue.""the senate stands in - recess"the senate reconvenes at 11-a-m. so as americans 20013, they may waae up of wishing it were 20-12, when they had more money in their pockets. i'' andrew spencer reporting. even if lawmakers don't
for john boehner and mitch mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. >> yesterday it was republicans waiting on democrats for a counter offer. >> mitch mcconnell called the vice president for help. lawmakers will scrambled into the final hours. republicans will likely push for reforms they give up this time around on the debt limit debate in the new year. danielle leigh, wbal-tv 11 news. >> maryland could be hard hit if america goes off the fiscal cliff. >> kim dacey is live with the details. good morning. >> we have a lot of federal workers and businesses that rely on the federal government. some say it would affect maryland more so than in other states. there was a report that estimates just how adverse the impact would be. researchers estimate maryland would lose $117 million in federal funding next year. the greater impact could be a huge hit in income tax revenue. the state will lose about $260 million in 2013. at least 53,000 full and part- time jobs would be lost in 2013. >> i have heard as many as 115,000 jobs. so 53,000 jobs woul
minority leader mitch mcconnell signaled his agreement with the president after multiple negotiation sessions with vice president joe biden. >> so i agree. let's pass the tax relief portion now. let's take what's been agreed to and get moving. we all want to protect taxpayers, and we can get it done now. >> but not everyone is happy about this deal. senator john mccain spoke just before senator mcconnell on the senate floor. >> i guess i have to wonder, and i think the american people have to wonder whether the president really wants this issue resolved or is it to his short-term political benefit for us to go over the cliff? >> aides on the hill are telling nbc news there will be no vote on any deal in the house tonight, so it does look like we'll be going over the cliff, at least temporarily. joining me now from capitol hill, nbc white house correspondent mike viqueira. what's going on right now? >> reporter: furs of all house republican aides will tell you there's nothing to vote on. in that they would be entirely correct. we've been talking about the parameters of the deal and yo
of the republicans and senate, mitch mcconnell, said that he was frustrated with the negotiations with the democrats majority leader harry reid unless he was going to make a call to his longtime friend joe biden to see if they could get the talks moving forward. he said he was looking for a willing dance partner. it appears he may have found one here. the vice president, as you know, has come in at the last minute on numerous deals in the past. the most recently on the big debt ceiling fight back in 2011. shibani: they have 25 minutes to work it all out. ashley: peter barnes, thank you very much. we will be taking the presidents live in about 24 minutes. there is no deal yet. what will be that immediate impacts if they cannot come together. $536 billion in tax increases, payments to medicare providers will drop by 27%, extended unemployment benefits will expire 42 million individuals. we should have listened to our next guest. he called it. if he hopeful we will get a last minute deal? stephen moore. look, you are here earlier this month and said we will be back here talking with you. >> here we are
with mitch mcconnell essentially borne fruit. republicans annoyed with that. the tax threshold, that's agreed upon. republicans agree, too. what about this sequester? supposed to be the trigger, supposed to be the apocalyptic scenario that made cuts in spending necessary. otherwise we go over the cliff and there are cuts to defense and domestic programs. the president wants to delay them two months, three yearmonta year. many republicans say, absolutely not. many were angry he chose to have a campaign-style event in the white house complex. mitch mcconnell took the floor of the senate and pretty much calling the president's bluff saying, yes, we have an agreement on taxes. let's go ahead and vote on that. leave the sequester the way it is. that's not going to fly. we have an impasse here. there have been reports that the house of representatives to take whatever passes the senate if something passes and do it a minute after midnight. that scenario of steve and i and all of us talking about voting to cut taxes or not. i'm told recently that that's not going to happen. whatever happens, likely
-mail that i have in my hand caught our attention. senator mitch mcconnell telling republican colleagues they had a deal at 1:45 a.m. but then later this morning which would be early for most people, the white house call demanding that the sequestered be turned off. what are you hearing about that? what does that really means? >> well, upon capitol hill, apparently at the last minute there were some senate democrats who were getting nervous. there has been some division as to whether or not there were trying to replace the sequester, the lay it all together, or to allow some partial cuts. apparently the plant originally was that the senate democrats and republicans will each put forward their own ideas and plans for dealing with the sequester but then again according to our colleague, some senate democrats got concerned about that. they would rather just delay th3 sequester altogether. as a result there was that late phone call asking mitch mcconnell told of. we just heard him on the floor saying that they are going to -- that they were going to wait on that piece and tried to get the ta
on the political motivations of the people at the negotiating table. you think about joe biden and mitch mcconnell, mitch mcconnell is totally looking at this through a political lens, what is in the best interest of republicans in his view? from what i understand in his view he thinks what's in the best interest of the republican party is getting the tax issue off the table and then having a big knockdown, drag-down fight with the president in six weeks over the debt ceiling. under that scenario, that would tell me, okay, he's likely to want to make a deal. when you look at the actions that republicans threw out that idea of throwing in the social security change and suddenly democrats balked -- and he pulled it from the table. mitch mcconnell wants to make the deal, get the tax issue off the table simply because he thinks having more leverage -- if you leave taxes there, it gives the white house and democrats more leverage in the debt ceiling. even if they get a deal today we have a big fight in the next six weeks. >> if there is a deal today can it about get passed in time to avoid the fiscal c
with mitch mcconnell on the floor saying that we are very, very close. we'll get more details from john harwood in a moment, but right now the markets are voting and they're giving thumbs up with the dow up 138 points. nasdaq up 2% right now. it's been strong all day. now at 3,020. and the s&p up 1.5%. >> look at those stocks go. president obama saying a fiscal cliff agreement is quote, in sight. mitch mcconnell moments ago saying quote, we are very, very close. >> to d.c. and john harwood. he and eamon have been monitoring all day. why are we close but not there yet? what's left, john? >> what's left is the agreement between the two parties on delaying those automatic across the board defense and domestic budget cuts which nobody wants. they deliberately set up so they wouldn't take place. democrats want to defer those for a year. republicans say we're only going to put them off to the extent you can find budget cuts that match the amount that the sequester would have been. now, the republicans are offering two or three months, 60 or 90 days and suggesting cuts. but democrats have not
of representatives both went into recess, still no deal. republican senate leader mitch mcconnell reached out to vice president joe biden to help reach an agreement. two men who have served as their party's closers, so to speak, on tough deals before. senate majority leader harry reid says he plans to have a plan up for a vote tomorrow morning. although there are serious differences on both sides. >> we're not going to have any social security cuts at this stage, it just doesn't seem appropriate. i still hold out hope we can get something done but i'm not overly optimistic but i am cautiously optimistic. >> republicans pushed back on claims by democrats that the social security benefit measurement, which is known as the chained cpi and basically would reduce the amount of money that senior citizens get under social security, was part of the republican plan. in any case, that is off the table. senator john mccain posted this on twitter, most of us agree the chained cpi is off the table in these negotiations. president obama continued to put public pressure on republicans during his appearance on "meet
more time at what is being discussed now. mitch mcconnell and joe biden talked into the wee hours until 12:30 last night and 6:30 this morning. $450,000 as the threshold for couples, $400,000 for individuals over which your taxes would go up about four percentage points. estate tax compromise. this is something democrats want as well because the estate tax is due to zoom up to 55% on estates more than $1 million if they're passed and nobody wants to see that happen. they are trying to work on a compromise. unemployment, insurance benefits. obviously something urgent for millions of people collecting and the long-term unemployed who have been unemployed for quite sometime. delaying that sequester. this is what i'm talking about. they're talking about delaying it perhaps three months. this is the ultimate kicking the can down the road. remember the sequester is what got us to this point to begin with. it was supposed to be trigger, the guiotine hanging over the necks of the members of congress to git them to do something by tonight. we only have about 13 more hours. one more thing to show
, the news is not good, fegicity. we are told that mitch mcconnell, who is the senate minority leader, representing the republican party. harry reid, representing the democrats, had hoped to have a bill on the table for their caucuses to look at in about 60 minutes from now and the word here is that there has been a major setback. one anonymous source is saying that we are now further back than we were 24 hours ago with these gorks and i'm hearing it is that the republicans have introduced the idea of bringing some changes to sporblee security. that would be the short-term benefit that people are entitled to for a very short time when they have been out of work for six months or more. we knew they were struggling anyway to resolve the key issues, like, for example, how many wealthy families will pay more under president obama's plan? there are inheritance tax issues and the unemployment benefits being kept up. president obama particularly wanted that to go into this bill so that anybody who needed unemployment checks would get them. according to this latest source, even that is up in
mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking news out of washington. secreeary of hossitalized with a blooodccoo - suffered earlier this month. mrs. clinton had a severe stomachhflu that doctors saay her heed.. there's no wood - where it is located. we'll kkep tracking her condition and bring you he latest as it developp. police are askiig for yyur help to catch the people in the past 24 hoors.te shootin& hours.. tte latest was a pt the intersectton of head reisterrtown road and bryant avenue. we wwre on the scene as homicide ddtectives arrived &pjust af
was pulled from the table. vice president joe biden -- talked to minority leader mitch mcconnell several times today...in an effort to break the stalemate. hopefully, the discussions between the vice president and senator mcconnell will get us back on track, hopefully get a breakthrough and something we can vote on. i hope by the end of day tomorrow night, we can celebrate the end of this year and the beginning of a new year with good news for the american people." the senate adjourned for the nine and will reconvene tomorrow at 11:00 a.m. eastern time. even if it some type of deficit deal is reached the there will be just hours left to get it passed through both chambers of cocongress >> secretary of state hillary clinton is in the hospital in new york tonight with a blood clot related to a concussion she suffered earlier this month. doctors discovered the blood clot during a routine follow up exam today. mrs. clinton is being treated with anti-coagulants. she will remain in the hospital for at least 48 hours, so doctors can monitor her condition. mrs. clinton suffered the concussion
. >> mitch mcconnell and senate democrats hit a stalemate on the weekend and he met twice today with the vice-president. >> i am willing to get this done, but i need a dance partner. >> the deal is tenuous and needs to get through a republican- controlled house as a countdown of a different kind chris closer, that is set to trigger a broad tax increases and drastic cuts. our top priority has to be to make sure taxes on middle-class families don't go up. that would hurt our economy badly. >> this afternoon it appears we are very close to a deal. if not, an average american family will start the new year with a $3,400 tax hike. here's hoping there's a reason to raise your glass in a post tonight and a sigh of relief. john gonzalez, abc 7 news. >> you can get the latest on efforts to reach a fiscal cliff steel throughout the day. wjla.com. we will have full coverage at 5:00. happening right now, developing news out of new york. secretary of state hillary clinton is in the hospital this afternoon. she is big news for blood clots. t-fal in her home earlier this month and suffered a concussion. dur
president came back from delaware to talk with senator mitch mcconnell. they are expected to negotiate on the phone throughout the night. >> willing to work with whoever, whoever can help. there's no single issue that remains an impossible sticking point. >> none of the votes we'll be casting today have anything to do with the fiscal cliff we face in slightly more than 24 hours. we're here and ready. >> congress will work through tomorrow, with republicans likely insisting more spending cuts be included. >>> budget cuts are at the department of defense also in the cross hairs, raising new concerns about national security. fox's peter doocy looks at what it could mean. >> reporter: senator lindsey graham told me this morning his phone rang saturday night and was the defense secretary calling saying he was told the bill to avoid the fiscal cliff will not avoid anything for sequestration. so he'll need to write 800 layoff notices to contractors. >> if the president doesn't deal with this, he's a lousy commander-in-chief. if there's a deal done that doesn't set aside the defense cuts, we'v
about spending more money. there is no savings, no cutting back. >> well, senator mitch mcconnell , the republican leader in the senate has been negotiating with the vice-president on behalf of the president, mcconnell went to the floor to say that there will be spending cuts down the road here . they had come to agreement on the tax part of this and wanted to get that passed and approved so that hundred million plus american families would not be facing a tax increase on january january 1st. it looks like that they will. we are going to go over the cliff, but congress is going to try to fix that in the next few days. he promised more spending cuts will come. remember, republicans do have the debt ceiling coming to. they have to approve an increase in the debt ceiling, probably by late february or early march, and that will be their leverage, they say. gerri: a perfect storm. thank you for telling his about it, coming on. good luck over this next 44 hours. it will be intense. meanwhile, as a nation we continue to change our way forward work toward another recession. without a deal
what senate minority leader mitch mcconnell said earlier today. we have members from both the house and senate on what happens next. i'm adam shapiro, in for melissa francis. on "money" the capital-gains tax in the cross-hairs. the capital-gains tax will spike in the new year. how can investors protect themselves from the coming blow? respect your elders or else. a parents dream, a child's burden. adult children forced to financially support mom and dad and pay regular visits in one major country. we'll tell you where and why they're doing it. even when they say it's not, it is always about money adam: had enough of the fiscal cliff yet? before we go there, let's take a look at the day's market headlines a whipsaw for the session for the markets on their last trading day of the year. signs congress was taking major steps toward a fiscal cliff agreement. the dow closed near session highs, climbing 166 points the dow gained 7.3% for the year. now that sent the fear index or the vix into a tailspin. it nosedived 20% as fiscal cliff optimism swept over investors. it had been up almost 3
. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> mitch mcconnell called on vice president joe biden to be that dance partner. biden has brokered 11th-hour deals with the republican leader in the past. mcconnell's appeal came just hours after the president appeared on "meet the press" and called out republican leaders by name. >> congress has not been able to get this stuff done, not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> nbc's capitol hill correspondent kelly o'donnell is live on capitol hill. kelly o., i'm looking at the clock, we are now 14 hours and 58 minutes from going over the fiscal cliff. let's outline -- >> reporter: but who's counting, right, chris? >> yeah, who's counting? let's go over for people, what remains unresolved? it seems like two weeks ago they were pretty well set on the ba
, it will come down to those pesky details. vice president joe biden and senate minority leader mitch mcconnell the republican leader have been the key figures in these negotiations after talks stalled over the weekend between mcconnell and senate majority leader harry reid. mcconnell says he and the vice president spoke last night at 12:45, again at 6:30 this morning. mcconnell explained why he reached out to his former senate colleague mr. biden. >> i also placed a call to the vice president to see if he could help jump start the negotiations on his side. the vice president and i have worked together on solutions before, and i believe we can again. >> obviously we were watching to see what the senate does at this hour, what is said at this point i'm hearing it sound like 2:00 eastern time may be another critical time, when they may run by their members, the republicans and the democrats, the latest on those talks, and if there is a deal the details of the deal, jon. jon: we just had senate majority leader read making some remarks from the microphone, perhaps i'll get to word from the control
. >> what are you hearing in regard to the fiscal cliff? >> mitch mcconnell has been in negotiations with vice president joe biden. we know they spoke at least twice over night. the last conversation we are aware of was about 6:45 this morning. we don't know the status of those talks. we don't know whether they are its senate offers back or fourth. leaders of both parties have said little this morning. senate majority agree -- leader harry reid came to the floor and did not have much of an update. if there is is going to be a deal today, it will be between mr. mcconnell and mr. biden. there is little in the way of ongoing conversation between mr. reed and mr. mcca mcconnell. >> what about the mechanics of any deal if there is an agreement at least in the senate -- how quickly can come to the floor and how likely is it we can see action on the house floor later today or tonight or tomorrow? >> it becomes tricky. we know what the allies of any deal would be. they have been bandied around for about two years. translating the outline of the deal in legislative language is difficult and t
senate minority leader mitch mcconnell, the top republican in the senate, and vice president joe biden. these are the two players right now. they discussed a possible remedy late into the night, around midnight, we are told, by an aide to mitch mcconnell, and at least at the staff level negotiations began again this morning. the question everyone wants to know, suzanne, of course, is are we going over the cliff? it appears very -- it's sort of unclear at this point. it's difficult to see how we kind of don't logistically and politically at this point, but the president has said he's optimistic, and so have some republicans. >> brianna, finally, what is the drop dead last deadline here in terms of whether or not we know this is going to happen or it's not going to happen? >> reporter: that's interesting because everyone would presume the drop dead deadline is tonight, and obviously to avert some of these tax cuts expiring, and it's not just these income tax rates, it's a bunch of other things as well and these spending cuts, that would be tonight. but the sense i'm getting and the sense
. yesterday, republican senate leader mitch mcconnell made an emergency call to the vice president joe biden in an evident to jump-start negotiations. heather: if no deal is haed out today, majority leader reid says he will call a vote on a separate white house plan that reflects's original proposal. gregg: chief correspondent mike emanuel kicks off the coverage. mike, where do the things stand in the fiscal cliff talks at this critical late-stage? >> reporter: gregg, there seems to be some hope that conversations between vice president joe biden and senator mitch mcconnell can produce a deal. aides say the two men spoke multiple times last night and will continue working toward a solution. mcconnell called the vice. president bush: after weighing 18 hours from senate majority leader harry reid who seemed to throw in the towel. >> there is still significant difference between two sides and negotiations continue. there is still time left to reach an agreement and we intend to continue negotiations. >> reporter: a big issue is what thresh do you continue the bush tax cuts. the democrats latest
was that mitch mcconnell had been in contact or actually gone to speak with vice president biden. what can you tell us about that? >> i love this one, right. the republican leader calls joe biden off the bench, right. this is kind of what we all had been waiting for. the senate republican leader and the vice president have a good working relationship. we saw that last summer in the debt ceiling debate. those two guys swooped in at the end and helped make a deal happen. when i talked to mcconnell's folks last week, they said, you know, the vice president has been on the sidelines here. we have not been contacted by them. we have not been contacted by the president. it was an interesting move by mitch mcconnell to call joe biden today and try to jump-start these negotiations when they locked up with the majority leader on the democrat side. that will be something to watch in the coming hours. democrats are concerned he will cut a bad deal. they're feeling pretty good right now. will joe biden come in an emboldin the republicans or will the dems hang together across pennsylvania avenue from the w
today where we thought there was a total breakdown. tonight it's between senator mitch mcconnell and vice president joe biden. we're some of the last people in the building. i know -- come on through, guys, if you want. there's one of the crews that -- the worker crews are starting to come into work tonight. we're the last reporting crew. all the members of congress have pretty much gone. the republicans in the house were meeting late tonight to try to talk about what to do, in the end this is what our producer deirdre walsh heard from them. the message is just sit tight, stay tuned and i think what we have to do, don, is find out tomorrow morning, whether there is any progress between senator mcconnell and vice president joe biden. there is definitely hope. there is not a lot of time. >> let me tell you this, lisa. when you see the workers there, and the crew that -- and those are the people who these negotiations are about. every day americans who work these types of jobs, who are every day americans and so there you go. i think that is absolutely tells the story. >> don, i wan
. minority leader mitch mcconnell called vice president biden in an effort to jump-start negotiations and there are reports of significant movement, giving some hope that some house republicans will go along with the deal. >> i do believe there are at least two dozen who would vote for the kind of agreement we're hearing about being put together in the senate. >> the vice president and i have worked together on solutions before and i believe we can again. >> there are some indications on how they're getting a little closer to an agreement. when it comes to income tax hikes "the washington post" reports that democrats counter offer sets the threshold at $450,000 a year for taxes to go up. republicans are looking for $550,000. democrats are no longer insisting on raising the estate tax on the very wealthy. they will now agree apparently to an up or down vote. that was key for republicans. still, both sides remain far apart on extending unemployment benefits and on the sequester. of course that is when the steep automatic spending cuts would slash budgets at the pentagon and other govern
leader mitch mcconnell. john boehner not in this, nancy pelosi isn't in this, not even the president. the house reconvenes at 10:00, the senate at 11:00, bright and early. sarcastic. neither of them showing particular signs of progress. >> these two worked together in the senate for 20 years. so you hope -- >> in fairness, the houses are not convening. these guys are not working. i don't care if it doesn't play out in the media. the big stumbling block has been avoided. republicans dropped their demand to reduce social security cost of living increases. >> i was really gratified to hear republicans had taken the demand for social security benefits off the table. truth is, they never should have been on the table to begin with there is still significant distance between the two sides, but negotiations continue. >> the consequences of this are too high for the american people to be engaged in a political messaging campaign. i'm interested in getting a result here. >> they have all been politically messaging, not sure why they are being critical of it now. thousands of there's of your t
remarks from mitch mcconnel and harry reid. >> there is one mange sticking point. senate democrats wanted to use the revenue from where the thres hold is debt. not get rid of debt but use that extra money to pend actually. stiantor john kyle who is retiring, said the number of the spending is 600 billion and estimates new revenue from taxes will be same. what happened yesterday afternoon, there was a break down between harry reid and mitch mcconnel, and mcconnel sat down with the joe biden. maybe it is good cop and expect joe biden to be there to hammer out a deal between the two. >> this is what john thune has to say about republicans and what they want right now. >> republicans don't want to see new revenues and democrat tax increases used for new spending. that's where the members are trydrawing the line right now. senator bob corker is asking for specifics regarding the trillion in cuts that the president referred to on meet the press. and covering that from benghazi and on and on. >> and in your brew with david gregory you offered over one trillion and agreement with congress and ave
and mitch mcconnell will agree to anything that won't get a majority of votes in both of their caucuses. but then the next move is obviously going to be the house, which is where i am right now. i'm with a republican member of the house, darrell issa. thank you for joining us. can you react to what the president said? >> i think i'm pleased there may be a deal, bring some certainty to the american people. i'm disappointed that the president took the eve of what might be a bipartisan deal to take a swipe at congress once again. i think the president fails to understand what senator barroso said repeatedly, which is it is a failure of leadership that we're in this boat. having said that, i think all of us would like to have certainty for the american people come january 1st. >> reporter: and obviously goes without saying, excuse me, that the president, in your words, took a swipe, because there say lot of frustration, among democrats, with house republicans. they think house republicans held this up for a long time and demanding more spending cuts than could pass. >> you know, the amazing
deadline to avoid the fiscal cliff. president barack obama and senate republican leader mitch mcconnell said on monday that they are near a deal to avoid it wide-ranging tax increases and spending cuts set to take effect in the new year. house republicans notified lawmakers that the chamber will vote tonight, but they will be voting on other bills and they will be the only votes of the day. they say it is still not clear if the senate will be able to vote on any kind of deal. >> still ahead, new details emerging about former state delegate tiffany alston. the telestrating head. >> deal or no deal. the clock ticks down to the fiscal cliff deadline. a look at where things stand, coming up. [ female announcer ] the one for all. mcdonald's dollar menu. home of the mouthwatering grilled onion cheddar burger, topped with melty white cheddar and caramelized onions. plus all your tasty favorites for just a dollar each. ♪ every day, as always, there's a lot to love for a little on mcdonald's dollar menu. ♪ >> former state delegate has yet to comment tonight about a report that she has declar
government agency. >>> vice president joe biden is going to take the lead for the democrats. mitch mcconnell for the gop. congress has come to an agreement on one issue. leaders of both parties announced sunday they have reached a deal to extend the 2008 farm bill for at least one more year. without a deal the agriculture secretary says americans would have been force today pay as much as $7 if a gallon of milk. but again, that has been averted. >>> we are watching your money. i know you are sick of hearing it but over the next few days the words fiscal cliff, you are not going to be able to avoid them. whether or not you think congress can pull off some sort of a compromise, one thing you need to be prepared for. for many of you, your paycheck will go down in the new year and here's why. the payroll tax was cut by 2 percentage points over the last two years. experts are saying that tax holiday is coming to an end. the center on policy and budget priorities says it is about $100 billion. goldman sachs says ending the tax holiday would shave percentage points off economic growth next year, no
, there is hope for a soft landing. senate republican leader mitch mcconnell and president obama said today a deal was close. but late in the day house leaders announced they will not vote on a deal tonight. they're waiting for the senate. so what happens now? we have two reports beginning with nancy cordes on capitol hill. nancy, good evening. >> good evening to you, rebecca. it looks like the deadline pressure finally prompted a meeting of the minds today. negotiators agreed to a plan that extends the bush era tax cuts for 99% of americans. but they are hung up on one key spending issue, and so it looks like we will go over the fiscal cliff at least temporarily. >> we're very, very close to an agreement. >> reporter: senate republican leader mitch mcconnell said his round-the-clock negotiations with vice president biden had paid off. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a
progress came out of the senate leader mitch mcconnell's meeting with vice president joe biden. >> we've been asking you, our viewers, to send in your thoughts, your messages to elected representatives. so let's close tonight with some advice from one of you to washington. >> my message to all of washington for the new year is to set partisanship aside working on behalf of 100% of the voters, fix this mess you've gotten us into, bring a balanced budget to the table to grow this economy for the long term not the short term. >> there you go. for the long term, not the short term. >> there you go. i'm don lemon. happy new year to you. jooirksz . >>> hello, i'm don lemon and this is cnn's top 10 of 2012. we look at the stories that captured our attention, what we see as the biggest stories of the year around the world, in crime, money, weather and even the biggestscandals and later this hour, those stories chosen by you. anchor of state of the union, candy crowley, with the top ten political stories of 2012. >>> like finding your favorite grain of sand on the beach. impossible number of p
, minority leader mitch mcconnell reached out to someone he believed he could help jump start the negotiations and perhaps deliver an 11th hour compromise, and that would be vice president joe biden. mcconnell and biden reportedly spoke several times by phone throughout the night after talks with harry reid came to a halt. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness, an interest, or frankly the courage to close the deal. i want everyone to know i'm willing to get this done. but i need a dance partner. >> before i continue to set the scene, anyone here think biden can make a difference? dan? >> not before the end of the day. i just think that even if the senate -- even if they work out a deal that's acceptable to the senate, then it's going to go to the house. speaker boehner has said they'll either vote on what the senate produces or amend it. that's a lot of work to get done within a day. and i think there are a number of house republicans still holding out, believing that they would rather vote to cut t
democratic sources saying that republicans specifically mitch mcconnell who is the lead negotiator, what he is proposing is to delay that sequester, the spending cuts for three months, so 90 days. what democrats here on capitol hill want to do is delay it for at least a year. so there is a very interesting dynamic shaping up right now. this probably is a good illustration of that. you you mentioned right at the top that the negotiations are going on now between primarily senate republican leader and the vice president, not the democratic leader. so they're certainly in the loop i'm told in a very constant way, the democrats here on capitol hill. but the fact that they let it be known to us that they're not happy with the idea of a three-month delay. they want it to be longer. isn't just a signal to republicans. it's also a signal to their fellow democrat in the white house, namely vice president joe biden. that's just an example of how intricate, delicate and strange these negotiations are right now as we just get down to the wire. >> yeah. they are rather strange. do we think there's any m
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